Shares in Rio Tinto (ASX, LON: RIO) jumped about 3% in both Sydney and London after the world’s No.2 mining company said it would return $3.2 billion to investors through a share buyback primarily focussed on its Australian-listed ones.

Rio said it would conduct an off-market share buyback for up to 41.2 million of its Australian-listed shares, worth about $1.9 billion.

Not surprisingly, investors welcomed the news, with shares closing Thursday 3.58% higher in Sydney to A$78.10, while they were up 2.81% in London to 3,827p by 1:38 p.m. local time.

Rio said it would conduct an off-market share buyback for up to 41.2 million of its Australian-listed shares, worth about A$2.7 billion ($1.9B), as well as on-market purchases of its London-listed stock.

Previous buybacks have favoured the London arm of the Anglo-Australian miner and further returns to shareholders may be just around the corner as Rio has yet to complete its $500 million sale of the Aluminum Dunkerque smelter in France.